A Jenny Co's common share account showed the following transactions for 20x5:

Date Description Dr. Cr. Balance

Jan 1 Opening balance, 10,000 shares $120,000

Mar 1 Issue 2,000 shares* 54,000 174,000

May 1 Issue 1,200 shares for cash 30,000 204,000

Jul 1 Repurchase 1,000 shares 27,000 177,000

* The shares issued on March 1 were for the purchase of land appraised at $40,000 as

of the date of the offer on Feb 28. The shares were trading at $27 per share on March 1, the date of closing (i.e. the date the land was acquired).

The December 31, 20x5 unadjusted trial balance shows a balance of zero in the

Contributed Surplus - Common Share Repurchases account.

Required - Prepare adjusting journal entries required at December 31, 20x5.